Kodiak Sciences ($KOD) is heading into a pivotal moment. The Phase 3 DAYBREAK readout in wet AMD could determine whether Zenkuda becomes a serious retinal franchise or whether Kodiak’s durability thesis breaks down again.

In this episode, I break down the upcoming DAYBREAK Phase 3 trial in wet AMD, including what went wrong in the original DAZZLE study, why management believes the new trial design can rescue efficacy, and whether Zenkuda can still deliver enough durability to differentiate itself from Eylea HD and Vabysmo.

The key question isn’t simply whether DAYBREAK succeeds. It’s whether Kodiak can fix DAZZLE’s efficacy problem without sacrificing the durability advantage that was supposed to make Zenkuda valuable in the first place.

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